Seeking advice on bankruptcy and hdb matters

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Happyman8

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Hi all,

I would like to seek some advice regarding bankruptcy and hdb matters.

Background - Im currently staying in a hdb flat which is owned by me (SC) and my mother (PR) but recently my mom was declared bankrupt as she was a guarantor for a loan which was defaulted by her friend.

Due to her bankruptcy - i received a letter from the bank requesting for us to sell our hdb flat within one month.
Would like to seek fellow forumer advice :

1) Can the bank force me to sell our hdb flat? ( till date - i have been paying 80% of the monthly installment and downpayment for our current flat whereas my mom paid about 20%) Fyi, i still have enough cpf to service the monthly installment for the next 2 years (outstanding loan 400+k)

2) Can this flat be sold in the resale market? My flat have not reach MOP (left about 1.5 years till MOP).

3) Assuming if the flat is sold in the resale market. Does it mean that 50% of the sales proceed will be used to clear her debt? (this flat is under joint tenancy)

4) Can i buy over her share and refinanced it to make myself the sole owner of this hdb flat? (im turning 35 in a few months)

Sorry for my bad english and multiple questions as im pretty confused right now and would like to seek some advice

 
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Happyman8

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ckling said:
I thought if can service the bank loan,bank would not ask u to sell, on what basis they want you to sell?
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My mom is already declared a bankrupt. till date - i have never defaulted the loan. I have been pay the monthly installment and i still have enough to pay for the next 2 year.
 
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Happyman8

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kamipify said:
I rmb they cannot force u to sell your flat dun be the idiot who sell it to finance the loan but your mom likely need to declare bankruptcy

As for point 2 if really wan to sell need get approval from hdb
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Mine is a bank loan (not hdb loan). When my mom was declared bankrupt i thought hdb was a protected asset and the bank cannot force u to sell the flat but seems like i was wrong and they only giving me one month to sell.
 
kamipify

kamipify

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Happyman8 said:
Mine is a bank loan (not hdb loan). When my mom was declared bankrupt i thought hdb was a protected asset and the bank cannot force u to sell the flat but seems like i was wrong and they only giving me one month to sell.
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Can a Bankrupt’s HDB Flat be Seized and Sold to Repay Creditors?​

As long as at least 1 owner of a Housing and Development Board (HDB) flat is a Singapore Citizen, the flat is protected from creditors by law and cannot be sold or taken over by the Official Assignee (OA).

The OA manages the affairs and estates of bankrupts, and has a duty to raise money or make advances for the purposes of the estate in order to fund repayments to creditors, among others.

However, if all the owners of your HDB flat are not Singaporean Citizens, you will need to surrender your flat to the OA. The OA has the right to forcefully seize possession of your HDB flat should you refuse to cooperate.
Bro or sis u need cool down and read up more
https://singaporelegaladvice.com/law-articles/bankrupts-hdb-seized-faqs/
 
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congster2

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Scp173 said:
If u really confuse i suggest u go meet ur mp to clarify
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MP is not a free legal adviser.
T - is it the same bank? Did they threaten to seize? I'm assuming your mom won't have been able to put the flat as a collateral since it's already the collateral for your mortgage
 
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Happyman8

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lousydk said:
even if bankrupt i remember hdb flat cannot force you sell one leh
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I thought so too. i read hdb website and multiple online forum and they say that hdb is a protected asset but the bank still request for me to either sell the flat in one month or repay the entire loan amount (400+k) in full.

I dont have 400k hence i think my only option is to sell the flat?
 
kamipify

kamipify

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Happyman8 said:
I thought so too. i read hdb website and multiple online forum and they say that hdb is a protected asset but the bank still request for me to either sell the flat in one month or repay the entire loan amount (400+k) in full.

I dont have 400k hence i think my only option is to sell the flat?
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Dual owner ma ,bank also cannot force u to sell unless u kumgong willing
 
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Happyman8

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kamipify said:
Dual owner ma ,bank also cannot force u to sell unless u kumgong willing
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Im thinking if its possible to buy over my mother share of the flat and avoid this bankruptcy trouble but i would have to refinance it under my own name.

the bank letter has 2 options. Either i repay the 400k amount in full or sell the flat within 1 month
 
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